The Bank Nifty was underperformer & has given the lowest daily close of the last 12 trading sessions. Mainly in last 3 consecutive trading sessions the index corrected vertically from 41980 to 40580 i.e. exactly 1400 points & formed a 3 black crows indicating bearishness.
Yesterday week started at 41222 but failed to sustain above crucial 41250/300 mark and maintained correction mode through out the session. It hit intraday low at 40580 & settled at 40702. Day to day basis down 430 points. Intraday basis formed another big bearish engulfing candle.
Closed at 40700 i.e. exactly 50% retracement level of the recent move 39400 to 42000 mark. Current RSI 37. Max pain = 41000. Current PCR = 0.50. As slight oversold at current stage so chances of recovery is there. Though below 40700 Support at 40500/400--40250 while on the upside, the hurdle is expected at 40860--41000 then 41136-41250 levels. Traders should cautious at higher ends further – Major hurdle 41250-400/500.
Open Demat Account Online @ https://ekyc.eurekasecurities.net/app/Account/Register?rmid=3223
/anm-english/media/post_banners/tGJ1D14QXFqUVj0VUdXg.jpg)
/anm-english/media/agency_attachments/AtBG5e3MoE629QYzhZen.png)